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Argentina hits debt deadline, but not yet default
Argentina nears default as it reaches bond payment deadline, enters grace period
Associated Press
2014-06-30 11:42 PM

BUENOS AIRES, Argentina (AP) -- Argentina will likely miss a bond payment that risks sending it into a catastrophic default.

Argentina owes an interest payment to the majority of its creditors Monday. The government has a 30-day grace period after that to avoid going into its second default in 13 years.

The U.S. Supreme Court has turned down Argentina's attempt to block a lower court ruling that it must pay hedge funds that own bonds left over from its $100 billion default in 2001.

On Friday, a federal judge urged Argentina to continue negotiating with the funds that refused to participate in debt swaps in 2005 and 2010.

The judge also said it would be illegal for Argentina to make that payment to the majority of its bondholders without also paying the holdouts.

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